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520 jobs at risk as Sir Philip Green plans 23 store closures | Business News

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Sir Philip Green’s Arcadia group has confirmed plans to shut 23 stores in the UK and Ireland putting 520 jobs at risk.

The group is also seeking to slash rents at 194 further sites in the UK and Ireland as it launches a rescue plan in the face of a “highly competitive retail environment”.

Proposals announced by the company will in addition see Arcadia halve its annual payments to the company’s pension scheme, with Sir Philip making up the shortfall by injecting a total of £100m over the next three years.

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